Market rebounds from early sell-off, boosting Dow 17 points

WALL STREET

NEW YORK -- U.S. stocks finished higher yesterday, rebounding from an early sell-off when bond prices rallied. Oil, auto, telephone and semiconductor shares paced the market's advance.

"Those are the leaders and will remain the leaders as long as we have an expanding economy," said Stefan Abrams, equity strategy director at Trust Co. of the West in Los Angeles, which manages $43 billion.

"Consumer spending is doing just fine," Mr. Abrams said, "but the acceleration in business is in the area of industrial companies, including technologies."

Entertainment, retail, drug and regional bank issues were among the day's biggest losers.

The Dow Jones industrial average gained 17.89 points, to 3,633.65, after reeling downward at one stage 29.34 points, to 3,586.42, as long-term interest rates soared.